Saudi Arabia Prepares to Host the WTTC Global Summit

An invitation for experts and investors to participate in the Travel and Tourism Summit in Riyadh at the end of November, via the Metaverse. (Asharq Al-Awsat)
An invitation for experts and investors to participate in the Travel and Tourism Summit in Riyadh at the end of November, via the Metaverse. (Asharq Al-Awsat)
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Saudi Arabia Prepares to Host the WTTC Global Summit

An invitation for experts and investors to participate in the Travel and Tourism Summit in Riyadh at the end of November, via the Metaverse. (Asharq Al-Awsat)
An invitation for experts and investors to participate in the Travel and Tourism Summit in Riyadh at the end of November, via the Metaverse. (Asharq Al-Awsat)

Saudi Arabia announced on Tuesday that it will host, for the first time, the 22nd edition of the World Travel & Tourism Council (WTTC) Global Summit, which will be attended by a prestigious gathering of tourism leaders.

The event will feature a metaverse experience created for potential investors to explore opportunities and take part in some of the sessions that will be livestreamed from the Saudi capital.

Held under the slogan, “Travel for a Better Future”, this year’s Global Summit will bring together investors from around the world to discuss the pressing issues affecting the post-pandemic travel and tourism sector.

A press release noted that the use of the metaverse at the Summit was “a practical example of how the Kingdom is already implementing its pioneering three-year Digital Tourism Strategy that was launched in 2022 as the next step in its development of the sector.”

The statement said that over the next three years, Saudi Arabia plans to encourage experimentation to allow technology innovators to test new digital tourism solutions, to support tourism related extended reality applications and to incorporate technology that makes Hajj visits safer and more efficient than ever for millions of pilgrims. The use of this technology at the Summit is another important step along that road.

Saudi Arabia’s Minister of Tourism, Ahmad Al Khateeb said: “WTTC will be held in Riyadh as tourism enters a new era of recovery… We welcome the world to join us virtually in our metaverse.”

He continued: “Bringing together global leaders from both the public and private sectors, the summit will be fundamental in building the better, brighter future the sector deserves and technology and innovation will be key to our collective future success.”

Saudi Arabia has already started investing in tourism plans that promote innovation, most notably the NEOM city, which has become the most ambitious tourism project in the world. This future city, which is being developed in the northwest of the Kingdom, will be a global showcase for pioneering design and exciting digital experiences, featuring smart cities and research areas.



Saudi Transport, Logistics Sector Set for 10% Growth in Q2

An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
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Saudi Transport, Logistics Sector Set for 10% Growth in Q2

An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)

As Saudi companies start reporting their Q2 financial results, experts are optimistic about the transport and logistics sector. They expect a 10% annual growth, with total net profits reaching around SAR 900 million ($240 million), driven by tourism and an economic corridor project.

In Q1, the seven listed transport and logistics companies in Saudi Arabia showed positive results, with combined profits increasing by 5.8% to SAR 818.7 million ($218 million) compared to the previous year.

Four companies reported profit growth, while three saw declines, including two with losses, according to Arbah Capital.

Al Rajhi Capital projects significant gains for Q2 compared to last year: Lumi Rental’s profits are expected to rise by 31% to SAR 65 million, SAL’s by 76% to SAR 192 million, and Theeb’s by 23% to SAR 37 million.

On the other hand, Aljazira Capital predicts a 13% decrease in Lumi Rental’s net profit to SAR 43 million, despite a 44% rise in revenue. This is due to higher operational costs post-IPO.

SAL’s annual profit is expected to grow by 76% to SAR 191.6 million, driven by a 29% increase in revenue and higher profit margins.

Aljazira Capital also expects a 2.8% drop in the sector’s net profit from Q1 due to lower profits for SAL and Seera, caused by reduced revenue and profit margins.

Mohammad Al Farraj, Head of Asset Management at Arbah Capital, told Asharq Al-Awsat that the sector’s continued profit growth is supported by seasonal factors like summer travel and higher demand for transport services.

He predicts Q2 profits will reach around SAR 900 million ($240 million), up 10% from Q1.

Al Farraj highlighted that the India-Middle East-Europe Economic Corridor (IMEC), linking India with the GCC and Europe, is expected to boost sector growth by improving trade and transport connections.

However, he warned that companies may still face challenges, including rising costs and workforce shortages.